JPMorgan Refis Meadow Partners’ 80-90 Maiden Lane with $259M CMBS Loan – Trade Observer
Grassland Partners contracted a debt of $258.9 million with JPMorgan Chase refinance 80-90 Inaugural way in Manhattan’s Financial District, Commercial Observer has learned.
Commercial mortgage-backed securities (CMBS) funding ended approximately $250 million of existing debt which was provided by Invesco Real Estate to refinance the approximately 612,000 square foot office building in 2018, as CO reported at the time.
Meadow Partners is a partner of AM Real Estate Holding Company and Columbia Real Estate Trust in the property. Meadow previously teamed up with AM Property and Normandy Real Estate Partners when 80-90 Maiden Lane was funded in 2018. Normandy has since been acquired by Columbia Property Trust in a deal announced in January 2020.
Newmarkthe vice-presidents and co-heads of structured debt financing, Dustin Stolly and Jordan Roschlaub, piloted the arrangement of the financing, alongside Chris Kramer, Nick Scribani, Eden Abraham and Jake Neeb. Stolly and Roeschlaub’s team also managed the financial package for the property in 2018.
“Executing a desktop financing at this point in the pandemic is a testament to the sponsorship associated with the transaction,” Stolly said in a statement. “Every member of the sponsorship is the best in their class.”
Normandy had acquired a majority stake in 80-90 Maiden Lane in 2014 from Chetrit Group and Read property group under an off-market agreement. Three years later, Normandy decided to increase its stake in the assets for a price of $54 million,The real deal reported.
The site comprises two adjoining office buildings located between Pearl and William streets. Built in 1912, 80 Maiden Lane is 25 storeys and 90 Maiden Lane is a much smaller four storey built in 1900.
Since 2012, the property has undergone a number of upgrades, including renovations to the lobby, facade, common areas, retail spaces and modifications to building elevators, according to Newmark, who indicated that this new funding from JPMorgan will facilitate more work. to assets. Borrowers aim to include an amenity center and bike storage, as well as pre-built suites, Newmark said.
“The sponsorship team has taken significant steps to realize the potential of the assets, and the property is well positioned to achieve stabilization in the post-pandemic world,” Roeschlaub said.
A Meadow Partners official declined to comment, as did a JPMorgan representative.
Mack Burke can be reached at [email protected].